Pasqal files registration statement for SPAC merger with Bleichroeder

Quantum computing company Pasqal and special purpose acquisition company Bleichroeder Acquisition Corp. II (NASDAQ: BBCQ) filed a registration statement on Form F-4 with the Securities and Exchange Commission for their proposed business combination.

The transaction values Paris-based Pasqal at $2 billion pre-money and expects to provide approximately $500 million of gross proceeds, assuming no shareholder redemptions and completion of previously announced convertible financing. The combined company will operate as Pasqal Holding SA and list on Nasdaq upon closing.

Pasqal operates seven quantum processing units in the field with three more in production. The company manufactures its quantum computers at two facilities and offers cloud-based access to quantum hardware through partnerships with more than 40 clients and partners.

Founded by 2022 Nobel Laureate Alain Aspect and Antoine Browaeys, Pasqal employs more than 275 people globally. The company recently deployed Saudi Arabia's first quantum computer with Aramco inside a standard data center and announced integration with NVIDIA's CUDA-Q platform.

The company demonstrated solving differential equations using logical qubits on a neutral-atom quantum processor and was selected as a finalist in the XPRIZE Quantum Applications competition. Pasqal targets delivering 10,000+ physical qubits per quantum processing unit and 200+ logical qubits by the end of 2029.

The transaction remains subject to SEC effectiveness of the registration statement, Bleichroeder shareholder approval, regulatory approvals, and Nasdaq listing approval. The deal is expected to close in the second half of 2026.

Lazard Frères serves as advisor to Pasqal's board, while Cantor Fitzgerald advises Bleichroeder. The companies may raise additional financing through a private placement of securities.

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